Transitioning From Employee to Business Owner

Making a living can be a lot more interesting as a business owner. If you have your heart set on starting a specific type of corporation, you may have considered setting up a limited liability company. When you file LLC paperwork, you’ll need to have a good handle on what its purpose will be. This article provides some ideas for transitioning from employee to business owner.

If you’ve already been working independently in a part-time fashion, you may be considering taking the leap to registering a company. One of the advantages of doing this is using a business name rather than your personal one. With the right name and graphics, your website and business cards will reach a new professional level.

Another way to transition into being a business owner is by picking a niche to complement something that a friend, family member or colleague is already doing. For example, consider the case of a mortgage loan officer working in a small practice. If you have or obtain your real estate license, you can file LLC papers and therefore position yourself as the go-to agent for referrals from the financial firm.

For those at a senior level in their career, some put together a plan to transition from working full-time to doing on-call consulting work. People enjoy the independence of this type of arrangement and some even report more stability because they work with several clients. Go-getters have jump-started this stage in their career by hiring someone to help them file LLC paperwork and later taking on their first client during a sabbatical or long vacation.

Going independent has a lot of perks. Some do it because it gives them more flexibility to raise a family, while others simply prefer being their own boss. By having a limited liability company in place, you have a structure suited for growth. So, why hold back? Take the plunge into the world of entrepreneurship.

For more information contact Uncle Phil’s Tax Advice at (855)829-8477 or visit http://askunclephiltaxadvice.com/. You can connect with them on Facebook for latest updates!

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